EUR/USD Current price: 1.2958
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EUR/USD broke below a recent consolidation low around 1.2955 and reached 1.2922 before stalling. This continues the bearish outlook with the 1.2875-1.2885 Fibonacci confluence zone (50% of 1.2041-1.3710, 78.6% of 1.2659-1.3710) in sight. Note that this target area was also a support pivot during Nov. 2012. Ability to push back above 1.3075 will be needed to neutralize the bearish outlook.
Support Levels: 1.2758, 1.2840, 1.2899
Resistance Levels: 1.3040, 1.3122, 1.3181
GBP/USD Current price: 1.4925
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The GBP/USD hung around 1.49. There was a crack above recent resistance at 1.4960, but that did not hold after a previous support pivot of 1.4982 acted as resistance. Pressure remains toward the 1.4780 pivot – 1.48 handle in the near-term, unless GBP/USD can climb above 1.4985 in the next session. Although cable remains bearish, note the bullish divergences with price against the CCI and the Momentum indicator on the daily chart. However, GBP/USD can resolve this bullish divergence by simply stalling sideways until it is ready to continue lower.
Support Levels: 1.4802, 1.4849, 1.4886
Resistance Levels: 1.4970, 1.5017, 1.5054
USD/JPY: Current price: 96.06
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The USD/JPY returned above 96.00 keeping the bullish trend intact and the 100 handle in sight. It needs to break below a rising trendline from November before we can discuss of topping and any significant bearish correction.
Support Levels: 94.72, 95.08, 95.54
Resistance Levels: 96.36, 96.72, 97.18
USD/CHF: Current price: 0.9527
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USD/CHF rallied form a new low on the week of 0.9428 to a new high on the week of 0.9531. This type of price action, which engulfs the previous couple sessions of bearish correction, is indicative of bullish continuation. The 0.9608 (61.8% retracement) level could be next. Above that, the 0.9970, 2013 high is in sight. A break below 0.9380 and the rising trendline from February will be needed to signal some short-term bearish outlook.
Support Levels: 0.9355, 0.9392, 0.9458
Resistance Levels: 0.9561, 0.9598, 0.9664
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